Daily Briefing: Retail landlords may lower rents for higher occupancy; Sunpower Group buys Changshu Suyuan for $47.35m

And Temasek unit invests in e-games chairs maker Secretlab.

From DealStreetAsia:

Singapore-listed environmental protection solution company Sunpower Group has completed the acquisition of 90% stake in China-based Changshu Suyuan Thermal Power for $47.35m ($41.5m) valuation, according to a press statement.

The Suyuan Thermal Power is the exclusive steam supplier in Changshu city in Suzhou, a mainstay for textile and garment industry in China, for over 40 years. These industries account for over $19.65b (US$14.15b) of annual turnover.

The acquisition is expected to add to Sunpower Group’s recurring, long-term income and cashflow.

The demand for Suyuan Thermal Power in Changshu city is expected to increase significantly once the state policies on reduction of coal consumption and rectification of small and inefficient boilers is implemented by 2020.

Besides, several printing and dying companies in the surrounding areas are expected to move into the coverage area of Suyuan Thermal Power. Sunpower will utilize its technical capabilities as well as management experience to upgrade Suyuan Thermal Power’s facilities.

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